Stanbic upbeat on growing oil, gas industry

Image result for stanbic bank logoOil and gas industry is increasingly attracting the attention of many international investors on Tanzania, a senior bank official says.

Head of Oil and Gas at Standard Bank, Mr Oscar Kang’oro said while presenting a paper at a meeting for the industry in Dar es Salaam recently.

Tanzania boasts of estimated recoverable natural gas resources of 53.2 trillion cubic feet (tcf) following recent major discoveries offshore south of the country.

The meeting, which was aimed at discussing the future of the industry, attracted local and international business leaders, government officials and oil and gas experts.

Mr Kang’oro said in a paper that the growing oil and gas industry has become an essential part of the growth of the Tanzanian economy as it is attracting continued, and growing international interest.

“LNG has the potential to significantly increase the government’s revenue in Tanzania, as well as, in other neighbouring countries. The crude pipelines planned will be critical in the development of Kenya, Uganda and Tanzania.

Cheaper energy from natural gas is expected to turn parts of East Africa into industrial hubs, creating more jobs and better infrastructure,” said Kang’oro.

The meeting created a platform for Oil and Gas industry players around the region to share experiences and plans for the future.

Standard Bank which trades as Stanbic Bank in Tanzania is positioned to be part of that future with their comprehensive understanding of the industry and their corporate banking expertise throughout the continent.

Stanbic Bank has a dedicated oil and gas team which provides oil and gas expertise, local industry knowledge and connections, strong client relationships as well as a full Corporate and Investment banking product range to clients active in the industry.
Source: Daily News, reported from Dar es Salaam, Tanzania
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